Byron Allen‘s Allen Media Group confirmed Thursday that it’s present process layoffs as a part of strategic modifications on the media firm “to raised place the corporate for progress.”
In line with a press release, the modifications embody “expense and workforce reductions throughout all divisions of the corporate,” which incorporates community, broadcast and syndication divisions; The Climate Channel; digital community TheGrio; and a movement image division.
“Allen Media Group’s manufacturers proceed to carry out effectively and in lots of areas our income progress has tremendously outpaced the market,” right now’s assertion stated. “We’re aligning these modifications to drive future enterprise alternatives and help our progress methods in our quickly evolving business.”
The variety of layoffs was not disclosed, however Allen is becoming a member of the checklist of media corporations reducing workers as cord-cutting retains accelerating within the TV biz. The privately-owned AMG at the moment owns 36 ABC/NBC/CBS/Fox community affiliate broadcast tv stations in 21 U.S. markets and 12 24-hour HD tv networks together with The Climate Channel, together with its AVOD service Native Now.
It additionally homes a film distribution firm following the acquisition of Freestyle Releasing, with movies together with 47 Meters Down and its sequel, and Hostiles amongst its greater titles.
Allen has been seeking to land extra large fish through acquisition, most not too long ago going public with a $30 billion supply (together with fairness and excellent debt) for Paramount International with curiosity in preserving the printed property, linear networks and doubtlessly Paramount+. He beforehand large for Par’s BET and associated property.
Final 12 months, Allen was opening about his curiosity in buying ABC and different linear TV property from Disney, saying in September on the Code Convention that he has “entry to loads of capital,” and that Disney’s inner deliberations have been the primary issue stopping a proper sale course of from beginning.
Allen beforehand made makes an attempt to purchase native TV biggie Tegna earlier than it offered in 2022 to Customary Basic and Apollo International.
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